Construction Partners (ROAD) Cut to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Construction Partners (NASDAQ:ROAD) from a hold rating to a sell rating in a research report report published on Thursday.

According to Zacks, “Construction Partners Inc. is an infrastructure and road construction company. It provides construction products and services to public and private sectors. The company’s services include construction of highways, roads, bridges, airports and commercial and residential sites. Construction Partners Inc. is based in Alabama, United States. “

A number of other brokerages have also commented on ROAD. Imperial Capital decreased their price objective on Construction Partners from $16.00 to $14.00 and set an outperform rating on the stock in a report on Thursday, November 8th. ValuEngine lowered Construction Partners from a hold rating to a sell rating in a report on Thursday, October 18th. DA Davidson set a $15.00 price objective on Construction Partners and gave the company a buy rating in a report on Friday, November 23rd. Finally, Raymond James decreased their price objective on Construction Partners from $15.00 to $13.00 and set a strong-buy rating on the stock in a report on Wednesday, December 12th. Two investment analysts have rated the stock with a sell rating, four have given a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of Buy and a consensus price target of $14.00.

Shares of NASDAQ ROAD opened at $10.99 on Thursday. The company has a current ratio of 1.99, a quick ratio of 1.81 and a debt-to-equity ratio of 0.16. Construction Partners has a one year low of $7.70 and a one year high of $14.06. The firm has a market capitalization of $532.65 million and a price-to-earnings ratio of 12.78.

Construction Partners (NASDAQ:ROAD) last issued its quarterly earnings data on Tuesday, December 11th. The company reported $0.29 EPS for the quarter, meeting analysts’ consensus estimates of $0.29. The firm had revenue of $215.70 million during the quarter, compared to analyst estimates of $215.45 million. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. Equities analysts forecast that Construction Partners will post 0.79 earnings per share for the current fiscal year.

In related news, Director Ned N. Fleming III bought 4,000 shares of Construction Partners stock in a transaction dated Friday, December 21st. The shares were bought at an average cost of $8.47 per share, with a total value of $33,880.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider John L. Harper bought 9,000 shares of Construction Partners stock in a transaction dated Friday, December 14th. The shares were bought at an average cost of $8.41 per share, for a total transaction of $75,690.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 14,500 shares of company stock worth $122,605.

Several institutional investors and hedge funds have recently added to or reduced their stakes in ROAD. Bank of New York Mellon Corp acquired a new stake in shares of Construction Partners during the 2nd quarter worth $8,272,000. Russell Investments Group Ltd. acquired a new stake in shares of Construction Partners during the 2nd quarter worth $3,570,000. BlackRock Inc. acquired a new stake in shares of Construction Partners during the 2nd quarter worth $229,000. Raymond James & Associates acquired a new stake in shares of Construction Partners during the 2nd quarter worth $301,000. Finally, Bank of America Corp DE acquired a new stake in shares of Construction Partners during the 2nd quarter worth $1,841,000. 20.53% of the stock is currently owned by institutional investors.

About Construction Partners

Construction Partners, Inc, an infrastructure and road construction company, provides construction products and services to public and private sectors. Its services cover construction of highways, roads, bridges, airports, and commercial and residential sites. The company provides site development, paving, utility and drainage systems, as well as supplies hot mix asphalt.

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